Little help on GXXL please. I am new to these forums, although I have been reading them for quite some time. I am not a day trader and normally not a short-term trader. Lately I have been playing around with day-trading based on intraday patterns. I just cashed out $8000 worth of AUML and put it all into GXXL at 0.0075. I had no real plan to hold this stock, it just seems to open high dip low most days then recover slightly at the end. I was planning to sell shortly after open around .0085-.009, seemed like a sure-shot with that dividend thing scheduled for july 30.. I don't understand the purpose of this news at all. It seems ridiculously foolish to me. It's like they are setting themselves up to get screwed. They worked so hard to get out of the cellar and now they do a ten for one forward split. I really don't know much about these penny stocks, though. Does anyone know what would motivate such a move like this one? Im only hoping that the PR sounds good enough to create a small spike in the morning so I can get out. My real question, though, is would it be worthwhile to take a significant loss to get out of this one quick...is there any potential for a gain off of this split? Anyways sorry to spam with this long message, I am just worried, I only trade in large amounts when I play a quick in and outn like this, I think this news mightve screwed me. Someone tell me why some technical reason why they would do a 10-1 split here, PLEASE. If you bothered to read this all the way thru... JED OIL, JDO sureshot long position be over 20 by end of august
Thanks.